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Dec 28, 2012
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taxes may not be the only thing going up in the new year from your cell phone to food prices rise. a flightening situation for her mother and daughter. their car. they are lucky to be alive after their car plunges into a freezing lake. we will tell you how they made it out. >> welcome back. 44 after the hour. a mom and daughter lucky to be alive after their car plunged into a lake. people dove in to help. mother and daughter will be just fine as a result. are there some expression that is really annoy you. >> it's like when i had this garden party for my father's birthday, right, i said rsvp because it's a sit down dinner but people came that like did not rsvp so i was like totally bugging. >> according to a survey whatever, like and you know are some of this year's most annoying words and phrases. >> what do you think, heather? >> no surprise there. >> i have another one, nuss say it. >>> pay back may be smaller in 2013. you may be paying more for every day goods that we need. here with a list is diane mac o macedo. >> new study shows things like drought and higher metal prices 20
taxes may not be the only thing going up in the new year from your cell phone to food prices rise. a flightening situation for her mother and daughter. their car. they are lucky to be alive after their car plunges into a freezing lake. we will tell you how they made it out. >> welcome back. 44 after the hour. a mom and daughter lucky to be alive after their car plunged into a lake. people dove in to help. mother and daughter will be just fine as a result. are there some expression that is...
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Dec 29, 2012
12/12
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whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the automatic budget cuts we've deputy talking about for a year. nothing that would suggest that something will come up, later perhaps by march when they talk about the debt ceiling. >> he's talking about later in march, talking about a small deal being done now, which means we have to be back doing this all over again. >> yeah, the only thing on the table at this point are the tax rates extending bush tax cuts and a whole suite of things that were part of the fiscal cliff that aren't going to be touched. we'll have the d
whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the...
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Dec 27, 2012
12/12
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>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that -- >> unaware of reality that they would confuse this week with next week in terms of the same results. >> governor norquist agrees with you. but some republicans especially in the house who are unwilling to make the plan "b" type deal. >> but in the end where do you think it's going to end up? $500,000? $600,000? >> it's going to be in the middle. closer to obama's $400,000. >> i think that's about right. sounds about like $400,000. >> which leaves out less than 2% of the people. >> absolutely. >> people say that's an average income. most people make about $40,000 a year. that's average. $40,000 and that's with thre
>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that --...
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Dec 30, 2012
12/12
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WBAL
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the federal income taxes will go up. if lawmakers to come to an agreement, they are likely to leave it that way. sarah sampson, wbal-tv 11 news. >> the ravens game was kind of like the iowa caucus of the regular season. everybody gets to participate. it does not matter if you lose. you learn in the process. >> neither team could improve their playoff position. cincinnati chose to place starters for much of the game. the ravens nearly won the game in cincinnati. in the first quarter, anthony allen, a first touchdown of his career. we saw a bunch of taylor today. he is swift with the feet. the ravens have the 14-13 lead. now trailing 16-14. taylor does not have much height. dunlop has plenty. that would be the play of the game. the ravens fall 23-17. the ravens will host a playoff game this coming weekend. we know it will be the colts' coming to town. we just do not know when. more coming up in sports. >> now we want to get a first look at the forecast. >> it was windy and cold today. things are settling down. the wind wil
the federal income taxes will go up. if lawmakers to come to an agreement, they are likely to leave it that way. sarah sampson, wbal-tv 11 news. >> the ravens game was kind of like the iowa caucus of the regular season. everybody gets to participate. it does not matter if you lose. you learn in the process. >> neither team could improve their playoff position. cincinnati chose to place starters for much of the game. the ravens nearly won the game in cincinnati. in the first quarter,...
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Dec 26, 2012
12/12
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the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would have to follow legislation dating back to the truman presidency which would force washington to buy milk at inflated prices. it would be based on what a cost to produce milk in 1949 when it was basically done by hand. speaking of the fiscal cliff, starbucks is making a political push. the ceo wants d.c. area stores to read the words come together serve thursday and friday. he wrote president be bystanders, you and your customers have an opportunity and i believe we all have a responsibility to spend our -- send our elected officials a respectful b
the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would...
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Dec 29, 2012
12/12
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WBAL
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senate -- senate majority leader to hold a vote on a basic patches -- a thick package that makes sure taxes do not increase on middle income and lower income americans. >> the house will hold a rare sunday session this weekend. votes are scheduled for early evening. speaker boehner is not expected to put anything on the floor for a vote unless he is sure it can pass. this sunday, president obama will be david gregory's interview -- guest on meet the press. that port strike is averted for now. the longshoremen union has expired -- extended their expiring contract by 30 days. it puts off a strike by more the 14,000 longshoremen at 50 ports across the country, including here in baltimore. a strike with the crippled operations at ports. it's reported major steps have been taken towards resolving this ongoing dispute. an abrupt end to the career of one long term maryland civil- rights leader. carl snowden will retire january 8. the office of the announcement earlier today. the decision comes amid legal problems. he was convicted last month of marijuana possession and has a court date for violati
senate -- senate majority leader to hold a vote on a basic patches -- a thick package that makes sure taxes do not increase on middle income and lower income americans. >> the house will hold a rare sunday session this weekend. votes are scheduled for early evening. speaker boehner is not expected to put anything on the floor for a vote unless he is sure it can pass. this sunday, president obama will be david gregory's interview -- guest on meet the press. that port strike is averted for...
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Dec 26, 2012
12/12
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the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here. >> hey, ari. >> remind us where we were before plan b, how far apart were the last comprehensive offers between the president and negotiators? >> a few hundred billion dollars, which is a lot of money, sounds like a lot of money, but in the context of a ten-year budget deal when you have some very large programs that can be tweaked one way or another, is not that much. they were within shouting distance if the speaker could bring his caucus along to support the deal that he was promoting and getting close to striking with the president, but it's clear
the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here....
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Dec 29, 2012
12/12
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three days now until higher taxes for all. will there be a deal? as americans and their 401(k)s already taking a hit. paying a brice because of that standoff. >>> crash landing. the jet that skidded off the runway nearly smashing into a crowded highway. >>> and back in the game. football coach's battle off the field inspired a major turnaround on it. and tonight, he's about to return. >> you're like -- >> tomorrow, a team's prayer answered. >>> good evening. it's great to have you with us here on a saturday night. we do begin here, with yet another holiday storm. the one-two punch this year, and tonight, on a weekend when so many are still traveling, a challenge out there. here's the radar this evening. rain and snow. tonight, it's moving through the ohio valley right into the northeast, from washington up through philly, new york and boston. this is just one of the many scenes on the highways tonight. this is i-83 outside of harrisburg. where several cars collided in the snow. several people were take on the the hospital. already this evening the
three days now until higher taxes for all. will there be a deal? as americans and their 401(k)s already taking a hit. paying a brice because of that standoff. >>> crash landing. the jet that skidded off the runway nearly smashing into a crowded highway. >>> and back in the game. football coach's battle off the field inspired a major turnaround on it. and tonight, he's about to return. >> you're like -- >> tomorrow, a team's prayer answered. >>> good...
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Dec 26, 2012
12/12
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if you have two days left to save hundreds of dollars at tax time. postmarked by december 31, or you will have to wait another year. its stems from legislation enacted in 2007 by the state general assembly. homeowners must apply to maintain eligibility for the credit. still ahead, aerial volunteers spent the holiday serving others. an organization will help keep hundreds and warmer this winter. and that when a missouri school did to put a smile back on their custodian's face. >> the weather is going to turn active as we had through the next of the week. partly to mostly cloudy. 36 at the airport. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app.
if you have two days left to save hundreds of dollars at tax time. postmarked by december 31, or you will have to wait another year. its stems from legislation enacted in 2007 by the state general assembly. homeowners must apply to maintain eligibility for the credit. still ahead, aerial volunteers spent the holiday serving others. an organization will help keep hundreds and warmer this winter. and that when a missouri school did to put a smile back on their custodian's face. >> the...
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Dec 30, 2012
12/12
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the vast majority you won't see your income taxes go up. you will see payroll taxes go up because they are not going to address that. but in terms of dealing and remember the whole point of the fiscal cliff was to deal with the debt crisis. in terms of that, nothing will have been accomplished. >> and do you think, chris, that anything can be accomplished with the debt crisis? what do they do once you get past tuesday and wednesday we are still staring down that debt. can washington now or five years from now ever really address that debt do you think? >> i don't know. it is interesting. we had on the panel and i really hope people will watch "fox news sunday." interesting and intelligent conversation between lindsey graham and dianne feinstein. not a lot of talking points, a lot of serious conversation between two patriots. we had on the panel senator evan bayh. >> good to see you, happy new year. >> even under these circumstances good to see you and happy new year to you and everybody out there. >> fascinating and serious conversation as
the vast majority you won't see your income taxes go up. you will see payroll taxes go up because they are not going to address that. but in terms of dealing and remember the whole point of the fiscal cliff was to deal with the debt crisis. in terms of that, nothing will have been accomplished. >> and do you think, chris, that anything can be accomplished with the debt crisis? what do they do once you get past tuesday and wednesday we are still staring down that debt. can washington now...
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Dec 29, 2012
12/12
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the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last minute. the economy is growing. the housing market is recovering. but that could be impacted if folks are seeing smaller paychecks. >> bianna what is about that momentum in the housing market, is that at risk? >> it is. take
the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real...
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Dec 30, 2012
12/12
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this evening, three days to go before taxes go up for all americans. will the president's pressure on congress bring in a deal? let's bring in jon karl on this. jon, are they any closer? >> a little closer, but they are certainly not there yet. tonight, congressional leaders are making one last-ditch effort to keep most americans from waking up to a big tax like on new year's day. with just three days left, finally a glimmer of hope. >> i'm hopeful and optimistic. >> whatever we come up with it's going to be imperfect. some people aren't going to a like it. >> reporter: right now, it's all in the hands of the two senate leaders. democratic harry reid and republican mitch mcconnell. they're working on a mini-deal that would prevent a tax increase for roughly 98% of american workers. extend unemployment benefits that are set to expire for some 2 million people. and prevent a huge cut in payments to medicare doctors. what took so long? >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over
this evening, three days to go before taxes go up for all americans. will the president's pressure on congress bring in a deal? let's bring in jon karl on this. jon, are they any closer? >> a little closer, but they are certainly not there yet. tonight, congressional leaders are making one last-ditch effort to keep most americans from waking up to a big tax like on new year's day. with just three days left, finally a glimmer of hope. >> i'm hopeful and optimistic. >> whatever...
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Dec 28, 2012
12/12
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. >> just four days until taxes go up for all americans. tonight what you're telling washington. >>> not again, a giant storm on the move. >>> scare at sea, the cruise ship nightmare unfolding, the captain who warned the passengers ahead of time, but it didn't work. >>> and at last. ♪ at last the american greats me lost this year. ♪ moon river the lasting gifts and the laughs they leave behind. >> everything you do, do it cool. stand back. >>> good evening on this friday night. diane is spending this holiday weekend with her family. we begin with the 11th hour high stakes meeting at the white house late today to avoid the fiscal cliff. but no deal, asanger builds across the country, the clock is ticking. just four days left before taxes go up for all americans and federal programs see major cuts. we've shown you the math here. the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room
. >> just four days until taxes go up for all americans. tonight what you're telling washington. >>> not again, a giant storm on the move. >>> scare at sea, the cruise ship nightmare unfolding, the captain who warned the passengers ahead of time, but it didn't work. >>> and at last. ♪ at last the american greats me lost this year. ♪ moon river the lasting gifts and the laughs they leave behind. >> everything you do, do it cool. stand back. >>>...
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Dec 24, 2012
12/12
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. >> >> fiscal cliff talks, without a deal, automatic tax hikes and spending cuts would kick in january 1st, affecting almost all americans. democrats and republicans insist they are committed to reaching a deal. congress returning to washington the day after christmas. senator from hawaii, laid to rest. president obama and the first lady attended the memorial service. he was the first japanese american elected to both houses of congress and the second largest serving u.s. senator. he was 88 years old. >> back here in maryland a police shooting in baltimore county, a police officer opened fire, killing a man who had a knife. that's where derrick is tonight with the details. >> reporter: police say the officer was acting in self- defense when he confronted and shot a suspicious man he found back here behind this gas station. it all started with an officer on routine patrol as he passed the shell gas station at ed monton around 3:45 in the morning. he noticed a suspicious man behind the building. police say when the officer asked the man to come out from behind the building, the man pulle
. >> >> fiscal cliff talks, without a deal, automatic tax hikes and spending cuts would kick in january 1st, affecting almost all americans. democrats and republicans insist they are committed to reaching a deal. congress returning to washington the day after christmas. senator from hawaii, laid to rest. president obama and the first lady attended the memorial service. he was the first japanese american elected to both houses of congress and the second largest serving u.s. senator....
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Dec 27, 2012
12/12
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trying to cut taxes. if you are not happy to have -- >> bob: i think the republicans trying to do something good is absurd. >> greg: look at harry reid. eloquence of a bails bondman. we elected gluttons to guard a fridge. >> kimberly: midnight raiding it. i was thinking frat boy to guard the bar but i went with the glutton. >> eric: both sides, though. >> andrea: the republicans can't do anything. they get blamed for everything. everything we agree with is courageous. >> greg: when private unemployment reaches double digits. >> andrea: coming up, mayor rahm emanuel -- rahm. why did i call him that? tore in nra for calling armed guards at school to keep america's chirp safe. greg will tell us why that is ironic for him and why the nickname is "ram" next on "the five." ♪ ♪ ♪ ♪ ♪ ♪ >> greg: according to bretbaffert news, the school has armed police officer. any sane parent would like that. like mayor rahm emanuel who sends the children to the school. or he said it's wrong to allow the same thing
trying to cut taxes. if you are not happy to have -- >> bob: i think the republicans trying to do something good is absurd. >> greg: look at harry reid. eloquence of a bails bondman. we elected gluttons to guard a fridge. >> kimberly: midnight raiding it. i was thinking frat boy to guard the bar but i went with the glutton. >> eric: both sides, though. >> andrea: the republicans can't do anything. they get blamed for everything. everything we agree with is...
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Dec 28, 2012
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automatic tax cuts and smaller paychecks hang in the balance. american military hero, four-star general known as stormin' norman schwarzkopf has died. >>> a fiscal milk cliff is looming. bears over the bruins in the holiday bowl. >>> good morning, even as the finger pointing continues on capitol hill this morning, new hope on a deal to avoid that fiscal cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting in many ways a last opportunity for the president and congressional leaders to reach a deal and get something done before this year is over. if this meeting is unsuccessful it could seal this country's fate, as some developments yesterday. house members no longer on stand by. ready to come back sunday. to take a vote. when these tax cuts expire just about every worker is going to see their paycheck reduced. it's going to eliminate unemployment extensions and initiate spending cuts across the board. >> how will people see this in their paychecks and in their taxes? >> workers wil
automatic tax cuts and smaller paychecks hang in the balance. american military hero, four-star general known as stormin' norman schwarzkopf has died. >>> a fiscal milk cliff is looming. bears over the bruins in the holiday bowl. >>> good morning, even as the finger pointing continues on capitol hill this morning, new hope on a deal to avoid that fiscal cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting...
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Dec 27, 2012
12/12
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a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and more people. you will have less subsidies for lower income people who are unemployed today and higher tax on middle income americans. it's not great. none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye c
a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a...
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Dec 26, 2012
12/12
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we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the state income taxes that may be due next april 159 you have a large capitol gains maybe you sold something you can do that. one of the things you have to keep in mind in doing all of this you have to figure out the alternative minimum tax. there are two systems of taxation. the alternative minimum is a separate one you have to compute. doesn't allow you to conduct military business. you have to run the numbers both ways. for 2012 unfortunately congress hasn't even finished writing the 2012 laws let alone the fiscal cliff. they are going to be over 30 million people in taxes unless they do something called the amt patch. it is some
we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the...
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Dec 30, 2012
12/12
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and the alternative minimum tax. explain how that is going to affect people. >> the alternative minimum tax has a threshold that we have been adjusting over time for inflation. if they don't do something about that by january 1 or something about that retroactively, then many middle-income americans will pay 26 to 28% of their income in taxes. those are the kines of taxes that someone who makes $500,000 a year pay, in terms of average tax. there will be a whopping inexrees in tax burdens. they are going to have that retroactively into 2011 on their income tax return and going forward. tell wreak chaos. the president being persistent that it's my way or the highway, taxes on folks over $250,000 or nothing has put a pistol to the head of the middle class. it has threatened them with financial extortion if he doesn't get his way to satisfy the populist wing of the democratic party. >> all right. estate and gift taxes? >> they're going up. the threshold in the bush years on the estate tax went up from $1 million to about
and the alternative minimum tax. explain how that is going to affect people. >> the alternative minimum tax has a threshold that we have been adjusting over time for inflation. if they don't do something about that by january 1 or something about that retroactively, then many middle-income americans will pay 26 to 28% of their income in taxes. those are the kines of taxes that someone who makes $500,000 a year pay, in terms of average tax. there will be a whopping inexrees in tax burdens....
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Dec 28, 2012
12/12
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tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are two bills the house passed that are sitting in the senate. >> we ought to go over the fiscal cliff. i think we shouldn't make a deal where we're not -- we shouldn't raise taxes. we need entitlement reform, then we can talk. if there's no real entitlement reform, there's nothing we can do. democrats spend, spend, spend. now they have the bill, the fiscal cliff and they don't like the result. what are they going to do? it's time you actually put a stop -- >> we're going to have to leave it there. thank you very much. >> thank you. >> a case of extreme helicopter parents sued by their daughter for stalkin
tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are...
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Dec 24, 2012
12/12
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but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track said raturday was the busiest day of the holiday season behind black friday. r wever a cut in spending % recast from 3.3% of growth this year to 2.5%. parts of the u.s. will get a white christmas or more. tcheer storm watches have been issued for parts of arkansas and oklahoma. california is already getting wet. carter evans has the forecast. >> reporter: it's been bad enough. cars buried if they could move at all in the midwest. in california's sierra nevada, up to five feet of snow could fall. that's great news for skiers. >> we love the snow. c reporter: not for holiday fliers. >> the only option we have is to drive. >> reporter: the most violent y beher may be yet to come. and the timing couldn't be worse. >> it's going to be happening on christmas day and wh
but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track said raturday was the busiest day of the holiday season behind black friday. r wever a cut in spending % recast from 3.3% of growth this year to 2.5%. parts of the u.s. will get a white christmas or more. tcheer storm watches...
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Dec 31, 2012
12/12
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WMAR
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the tax impact for the average american family, more than 3400 dollars. senate leaders continued to work on a stopgap bill but sticking points remain. >> there's still significant distance between the two sides, but negotiations continue. >> reporter: negotiations will through the night, now with just hours to go until the deadline. abc news washington. >>> for more on the fiscal cliff and what it means for your money, we've got you covered, abc2news.com, just head to our home page slide show for a break down of the different scenarios in washington and what they could mean for your paycheck. >>> and now, maryland's most accurate forecast. >>> gusty winds this afternoon. take a look. a shot that looked very cold in parkville with those clouds, from time to time, mixed in with some sunshine. take a look at chesapeake beach, very gusty winds now along the bay this afternoon. we'll take you up toward frederick, a scenic looking shot and the shot downtown right now, dry but cold. 31 degrees at the airport right now. look at the dew point at 19. a dry atmosphe
the tax impact for the average american family, more than 3400 dollars. senate leaders continued to work on a stopgap bill but sticking points remain. >> there's still significant distance between the two sides, but negotiations continue. >> reporter: negotiations will through the night, now with just hours to go until the deadline. abc news washington. >>> for more on the fiscal cliff and what it means for your money, we've got you covered, abc2news.com, just head to our...
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Dec 28, 2012
12/12
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WBAL
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and claim they voted to cut taxes. wbal-tv 11 news. >> some good news and now with the ravens officially in the playoffs. now is your chance to get the post season tickets. >> if you get any, send them my way. we will let you know where to get them coming up. >> the following monument in mount vernon? the historic spots that could come down and why is a man-made problem. >> union will be able to protect your child from identity theft. >> still waiting on a damage estimate after a messy car crash in. historic wall at mount vernon park in danger of falling. police are warning anywhere near the park to be careful and they are roping off areas near the park. investigators tell 11 news a man driving a four-door sedan and fell asleep at the wheel crashing into a wall and flipped over. we are told driver was not hurt, but a passenger was taken to the hospital with a neck and back injuries. the lafayette monument was dedicated back in 1924. >> a shortage of chemotherapy drug it, and a batch of alarming statistics showing that
and claim they voted to cut taxes. wbal-tv 11 news. >> some good news and now with the ravens officially in the playoffs. now is your chance to get the post season tickets. >> if you get any, send them my way. we will let you know where to get them coming up. >> the following monument in mount vernon? the historic spots that could come down and why is a man-made problem. >> union will be able to protect your child from identity theft. >> still waiting on a damage...
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Dec 26, 2012
12/12
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MSNBCW
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eye 95
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if they're not going to agree to a tax -- holding taxes down for those under a million dollars, they're definitely not dealing with $400,000 so, therefore, let's go back to the $250,000. i think that hurt them, boehner. i think that's why boehner is being controlled, unfortunately, by the right wing. i agree with bernie sanders. very sad. i believe that boehner's a good man and wants a deal done and impossible with these folks. >> the finger's not only pointed at the republicans and the tea party caucus but also to some democrats. here's one of your republican colleagues this morning. take a listen to what she said. >> sure. >> everything -- it's just about scoring political points and i know that the american people are tired of that. they're tired of all of us. i understand that. we just make -- used car sales men look good. that's the only group below us. we have to get our act together and prove to the american people that we can regain the trust that they once had in us and get the job done. >> yeah. the perception -- go ahead, please, congressman. looking at the can kicked down th
if they're not going to agree to a tax -- holding taxes down for those under a million dollars, they're definitely not dealing with $400,000 so, therefore, let's go back to the $250,000. i think that hurt them, boehner. i think that's why boehner is being controlled, unfortunately, by the right wing. i agree with bernie sanders. very sad. i believe that boehner's a good man and wants a deal done and impossible with these folks. >> the finger's not only pointed at the republicans and the...
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Dec 29, 2012
12/12
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FOXNEWSW
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keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be working hard to try to see he if we can get there in the next 24 hours. >> among the questions to be answered, what level do you set extending the bush tax cuts? $250,000 income? $500,000 or $750,000. that will all get hammered out this sundby, by this sunday when house lawmakers are set to return. failure or a bad deal could have major economic impact if the markets react poorly. greta? >> greta: mike, thank you. and check your watches because we are only about 73 hours and 55 minutes away from the big event. that is how much time we have before the president, t
keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be...
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Dec 30, 2012
12/12
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WJLA
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and if no agreement, taxes will go up for all americans. in fact, the average american family would see a tax increase of more than $3400. as congress convened, even the senate chaplain praying to avoid what the president called self-inflicted wounds. let's bring in jon carl. the source has told you the vice president has been called in on this. >> reporter: that's right. i'm told the vice president is now playing a direct role in these negotiations, trying to get to a deal, a last-minute deal, a key player in the final hours. president obama set off the high-stakes weekend scramble friday night imemployering congressional leaders to take action immediately. >> the american people are not going to have any patience fora i politically self-inflicted wound to our economy. >> reporter: with that harry reid and mitch mcconnell launched a latch-dimp effort to craft a bipt plan to that stop the tax hike going into effect on new year's day. they negotiated all day saturday. saturday night there was an offer. by this morning, a clear sense of optim
and if no agreement, taxes will go up for all americans. in fact, the average american family would see a tax increase of more than $3400. as congress convened, even the senate chaplain praying to avoid what the president called self-inflicted wounds. let's bring in jon carl. the source has told you the vice president has been called in on this. >> reporter: that's right. i'm told the vice president is now playing a direct role in these negotiations, trying to get to a deal, a last-minute...
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180
Dec 27, 2012
12/12
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CNBC
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eye 180
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tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part i
tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense,...
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Dec 26, 2012
12/12
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. >> reporter: if congress doesn't change tax cuts in day, middle income earners will owe extra by the end of the year and they will cut back on auto industry, apparel and entertainment. >> once they cut back on that, that will be dramatic. >> reporter: retailers support 1 in 4 american jobs and if the downturn intensifies, those jobs are at risk. >> if retailers stop creating jobs, the economy as a whole stops creating jobs. >> reporter: the weight is excruciating for some and president obama left them $200 billion apart. >> the president was $200 billion higher on revenues and speaker boehner, $200 billion higher on spending cuts. >> if you get 80% of what you want, that's a pretty good day. >> reporter: tough decisions ahead, six days left. >> lawmakers will likely take on spending reform and tax cuts when the debate heats up. >> looks like they will be working over the new year. >>> a note was left by a suspected shooter that killed two firefighters christmas eve in new york. more details on the person already convicted of murder. >> reporter: police say the christmas eve ambush of
. >> reporter: if congress doesn't change tax cuts in day, middle income earners will owe extra by the end of the year and they will cut back on auto industry, apparel and entertainment. >> once they cut back on that, that will be dramatic. >> reporter: retailers support 1 in 4 american jobs and if the downturn intensifies, those jobs are at risk. >> if retailers stop creating jobs, the economy as a whole stops creating jobs. >> reporter: the weight is excruciating...
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698
Dec 29, 2012
12/12
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CNBC
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getting a dividend if the share price goes down by the amount of the dividend and then you have to pay taxes to the dividend, and isn't comparing dividend stocks to a yield not a apples to apples comparison because of the greatest risk of losing your risk with stock as compared to the ten-year? >> let's get empirical, what stocks have outperformed for the last 20 or 30 years? that's reinvested dividend. i'm getting this from jeremy seagal's work. go read his book and you will know exactly why i think dividends are so important. a pullback can be the market giving back. i like stocks that have pulled back from the new high list between 5% and 8%. don't chase momentum, it's a starting point, not an ending point. >>> don't miss a second of "mad money." follow @jimcramer. send him an e-mail, or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. >>> welcome back to tonight's methods to madness show. some of my best tricks for buying and selling stocks. truly, this is wisdom for the ages. think of me as penn and teller for the stock market. if that resonates at all for th
getting a dividend if the share price goes down by the amount of the dividend and then you have to pay taxes to the dividend, and isn't comparing dividend stocks to a yield not a apples to apples comparison because of the greatest risk of losing your risk with stock as compared to the ten-year? >> let's get empirical, what stocks have outperformed for the last 20 or 30 years? that's reinvested dividend. i'm getting this from jeremy seagal's work. go read his book and you will know exactly...
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Dec 26, 2012
12/12
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CNBC
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raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world. >> so you believe it's going town lock -- taking away that uncertainty is going to unlock cap "x" and hiring and consumers to open up their wallet? you think it will make that much of a difference? >> i believe it will. how many other arrows do we have in our quiver? >> there's an optimistic thought. better have another cheeseburger, governor. good to see you, again. thank you. >> good to see you guys. >> let's fix this. >> yeah. wouldn't that be nice. i'm the optimistic one on this show, and i'm starting to lose t
raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world....
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Dec 27, 2012
12/12
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CNBC
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hour, dividend taxes are not taxed at 15% but are double taxed. companies have to pay taxes on their profits before distributing them as dividends. dividends are double taxed and will almost be triple taxed unless we do something in washington. all those million of dividend investors should be really angry. bad for them but it's bad for the economy. >> realistically though could we really expect it to go to 39.6, there's got to be some compromise in there somewhere. i wouldn't think the republicans would let it go much higher. >> you look at it. i don't think washington guess what this does. look at the effective rate. right now if i pay $1 as a public or private company and pay $1 a earnings as interest, it's taxed 18% higher effectively. >> right. >> so what does that do? that creates something called a debt bias. debt bias is bad for our economy. right now we have three things, too many debt in our economy, not enough job creation and need more income for retirees. tacking dividends is going to make all of those situations worse. >> to pare thi
hour, dividend taxes are not taxed at 15% but are double taxed. companies have to pay taxes on their profits before distributing them as dividends. dividends are double taxed and will almost be triple taxed unless we do something in washington. all those million of dividend investors should be really angry. bad for them but it's bad for the economy. >> realistically though could we really expect it to go to 39.6, there's got to be some compromise in there somewhere. i wouldn't think the...
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Dec 27, 2012
12/12
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FOXNEWSW
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we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information. >> eric: have you contacted them. >> not recently but they know about my piece of legislation we got done in the assembly. >> this story is heating up on the internet, twitter and facebook. gregg ball, thank you very much. >> good to be here. >>> we have to leave it there. i'll see you on the five, 2.5 minutes or so. be right over there. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant special
we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information....
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Dec 26, 2012
12/12
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MSNBCW
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. >> reporter: if congress doesn't oaks spire tax cuts in day, middle income earners will owe $2,000 extra a year. consumers are predicted to cut back in automotive, apparel and entertainment. >> once people decide to cut back on that, the effect is dramatic. >> reporter: the national retail federation says retailers support 1 in 4 american jobs and if the downward trend intensify, those jobs would be at risk. >> if retailers stop creating job, the economy as a whole will stop creating jobs. >> reporter: the wait is e excruciating. president obama visited hawaii after talks on capitol hill. they were $200 billion apart on a deal. >> the president was $2200 billion higher on revenues and speaker boehner, $200 billion on spending cuts. >> if you get 80% of what you want, that's a pretty good day. >> reporter: tough decision ahead, six days left. >> lawmakers are saying they will likely take on tax reform and spending cuts again in the new year when the debt ceiling debate heats up. richard, back to you. >> looks like they will be working over the new year. thanks for your time. >>> a n
. >> reporter: if congress doesn't oaks spire tax cuts in day, middle income earners will owe $2,000 extra a year. consumers are predicted to cut back in automotive, apparel and entertainment. >> once people decide to cut back on that, the effect is dramatic. >> reporter: the national retail federation says retailers support 1 in 4 american jobs and if the downward trend intensify, those jobs would be at risk. >> if retailers stop creating job, the economy as a whole...
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Dec 29, 2012
12/12
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KPIX
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a big tax bill. it was half-a-million dollars. we sold off 150 acres; gave us hemething to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the lifcal cliff. the estate tax rate would rise from 35% to 55% on estates worth over $1 million. 1 t today's prices in the napa thley, the pages' land could easily be worth $8 million. you're wealthy, right? u' but it's all in the dirt. you know, we're dirt rich, cash poor. >> reporter: for the pages, more than money is at stake. they want the land that is part of their family's past to also be part of its future. john blackstone, cbs news, in the napa valley. >> glor: and that is not all. apart from the fiscal cliff febate, some other laws are due to expire january 1, and that could cost americans plenty. ar starters, the payroll tax break will end. illial security taxes will go from 4.2% back to 6.2%. if the farm bill is allowed to expire, it is feared milk prices coul
a big tax bill. it was half-a-million dollars. we sold off 150 acres; gave us hemething to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the lifcal cliff. the estate tax rate would rise from 35% to 55% on estates worth over $1 million. 1 t today's prices in the napa thley, the pages' land could easily be worth $8 million. you're wealthy, right? u' but it's all in the dirt. you know, we're dirt...
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Dec 30, 2012
12/12
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KPIX
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taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >> reporter: the senate is also negotiating an extension of unemployment benefits for some 2 million jobless americans, without a deal those checks will stop next week for this mother of five who has been searching for work since february. >> if congress does not extend the unemployment benefits, then i would be without a home and i really don't know what else we would do. >> reporter: the deal under discussion in the senate right now doesn't even include the biggest part of the fiscal cliff, that 1.2 trillion dollars in mandatory budget cuts, spen
taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >>...
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Dec 28, 2012
12/12
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CNBC
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we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its s
we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on...
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Dec 28, 2012
12/12
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CNBC
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>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over the fiscal cliff and even if we don't go over the cliff, and they come up with a bandaid, you risk losing more federal aid down the road, don't you? >> no question about you. we're a rural state. montana is the size of pefl r. -- pennsylvania, new york. there are federal dollars that pay for maintaining those highways. you can't have a million people pay for all those highways because it connects the entire country. you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> wha
>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over...
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Dec 27, 2012
12/12
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MSNBCW
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eye 84
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so you need policy consensus, some tax reduction, some investment and education, and some tax breaks that will help sort of states specialize in different industries and attract them. >> let's end where we started. some criticisms coming out from ips saying the president has left some things on the table here. the estate taxes one of those that they bring to bear here. they also talk about hedge fund managers specifically being ability to get favorable tax rates there, too. how has the administration done with this? >> it's sort of paralysis on this issue. you know, the administration -- the republicans -- what we seed with a fiscal cliff and what we saw in our series is the ability to create consense politically is hurting us tremendously, economically. the earlier guest was talking about how these are self-inflected problems, and that's what's happening. tax rates will go up across the board. the condition does look like it will slip back, and it's a global change in the economy. again people with skills competing globally and doing very very well at the top. we're not addressing f
so you need policy consensus, some tax reduction, some investment and education, and some tax breaks that will help sort of states specialize in different industries and attract them. >> let's end where we started. some criticisms coming out from ips saying the president has left some things on the table here. the estate taxes one of those that they bring to bear here. they also talk about hedge fund managers specifically being ability to get favorable tax rates there, too. how has the...
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Dec 28, 2012
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the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for spending. >> kimberly: managing the message very well. conciliatory. >> andrea: boehner did -- boehner has taken heat. in his defense he has taken a ton of flak on this. he has given a terrible hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he can't pass anything, any tax cut for everyone under $1 million. kimberly, that wouldn't even pass the senate. >> juan: allow
the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what...
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Dec 27, 2012
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all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area store
all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've...
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Dec 28, 2012
12/12
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WUSA
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income taxes won't be the only taxes going up, if there's no agreement. estate taxes paid by those who inherit property will also jump. here's john blackstone. >> reporter: jeff page owns 120-acre vineyard in california's napa vail vale but when his great-grandfather started farming here in the late 1800s, this was cattle country. >> both sides of the family came in before the turn of the century, and farmed orchard fruit and cattle. >> reporter: but much of the land she grew up on is gone, sold to pay estate taxes after his grandfather's death. had land back in the hills over there? >> yeah. >> reporter: had to sell it all. >> had to sell all of it? >> reporter: estate tax? >> yes. >> his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was half a million dollars we sold off 150 acres, gave us something to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35%
income taxes won't be the only taxes going up, if there's no agreement. estate taxes paid by those who inherit property will also jump. here's john blackstone. >> reporter: jeff page owns 120-acre vineyard in california's napa vail vale but when his great-grandfather started farming here in the late 1800s, this was cattle country. >> both sides of the family came in before the turn of the century, and farmed orchard fruit and cattle. >> reporter: but much of the land she grew...
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Dec 28, 2012
12/12
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but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why are they so in sis ten we raise tacks on someone? >> do you get the idea there's a discussion going on in the senate. i turn on the tv and different senators are taking to the floor and he they are speaking 209 other senators that might be there or the american people but what about in the halls of the u.s. senate? are people talk and negotiating, trying to work on solutions? >> the way it's been set up is for a few people in leadership, and i always joke i have to ask people in the media what's going on with the fiscal cliff thing because we don't
but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why...
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Dec 26, 2012
12/12
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because of the tax increase. i thought it was going to wreck the economy. it didn't wreck the economy. in '95 and '96, a lot of tough decisions by republicans, a lot of cuts that weren't popular with democrats as well as welfare reform. we heard all the horror stories. but you look at the tough decisions you guys made in '93 and '94, the tough decisions that we made sometimes that you agreed with and sometimes you didn't. taken together, those were three or four pretty dramatic years of political leaders stepping up and doing unpopular things. >> but that's what -- >> can we do that in 2013? >> -- works. >> i know. is washington still capable of that? >> i predict that it will happen. i think you will have, just like we did then, you'll have people out here and out here that won't agree with that. but i think you'll have an operating majority to do something. i believe that will happen. >>> still ahead, we're joined by actor and director ben affleck and the emmy-winning star of "veep," julia louis-dreyfus. first,
because of the tax increase. i thought it was going to wreck the economy. it didn't wreck the economy. in '95 and '96, a lot of tough decisions by republicans, a lot of cuts that weren't popular with democrats as well as welfare reform. we heard all the horror stories. but you look at the tough decisions you guys made in '93 and '94, the tough decisions that we made sometimes that you agreed with and sometimes you didn't. taken together, those were three or four pretty dramatic years of...
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Dec 28, 2012
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tax bills -- and this is going to fundamentally be a tax bill when we pass it. they have to begin in the house of representatives. they can't originate in the white house. the president can't write legislation or pass it sifl. the founders would have been shocked to hear congressional leaders talking this way. but put that aside. mccollum basically said to reid i can't help on this one. how did harry reid respond? this way. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them go, in fact. they're not here. they are not here. john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> right. so that's pretty much where we are now. boehner's out, mcconnell's out. reid says it's up to boehner, white house can't get boehner to talk to them. it's kind of a mess, senator schatz. and it is now part of your party. so what is the next move? there is late news tonight that president obama will convene a meeting of congressional leaders at the white house tomor
tax bills -- and this is going to fundamentally be a tax bill when we pass it. they have to begin in the house of representatives. they can't originate in the white house. the president can't write legislation or pass it sifl. the founders would have been shocked to hear congressional leaders talking this way. but put that aside. mccollum basically said to reid i can't help on this one. how did harry reid respond? this way. >> speaker boehner should call members of the house back to...
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Dec 27, 2012
12/12
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could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. >> we're joins here in new york by jon karl. chief white house correspondent, like the ring to it with your name. a lot of people are watching, saying, stop messing around in washington. that's a lot of tax money at stake here. >> reporter: and this would be the first big tax hike we've seen in more than 20 years, david. there's a lot of talk about a potential meeting at the white house. the president came all the way back from hawaii, cut short the vacation, left the family back. no meeting scheduled yet but i would expect you will see congressional leaders sometime over the next 24, 36 hours, come to the white house one last ditch effort to at least stop these tax hikes from going into effect and extend the unemployment benefits. butguarantee. >> and some speculation that meeting could be tomorrow. >> reporter: yes. >> we'll see. jon, thank you. the clock is ticking. >>> two more important political notes we're
could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. >> we're joins here in new york by jon karl. chief white house correspondent, like the ring to it with your name. a lot of people are watching, saying, stop messing around in washington. that's a lot of tax money at stake here. >> reporter: and this would be the first big tax hike we've seen in more than 20 years,...
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Dec 27, 2012
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they want to extend tax cuts on incomes below $250,000, prolong unemployment benefits and delay those sweeping spending cuts. while many republicans oppose new taxes for anyone, senator kay bailey hutchison says she's looking for compromise, alluding to house speaker john boehner's plan "b" that was met with stiff opposition from his own party. >> i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that, and i don't think we need that kind of shock to the system. however, i've talked to some of my democratic colleagues, and they are saying maybe in the $400,000 or $500,000 category we could set a benchmark. i do think it is essential that we start talking about what amount can be passed on a bipartisan basis, because you know, i'm one who believes you shouldn't tax anyone right now. i would have supported plan "b." >> according to a gallup poll, americans are less optimistic that washington will strike a deal. 50% now believe an agreement is likely, an eight-point drop from earlier this month. president obama, meanwhile, will be back in washin
they want to extend tax cuts on incomes below $250,000, prolong unemployment benefits and delay those sweeping spending cuts. while many republicans oppose new taxes for anyone, senator kay bailey hutchison says she's looking for compromise, alluding to house speaker john boehner's plan "b" that was met with stiff opposition from his own party. >> i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that, and i don't think we need that...